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CMA CGM reports mixed Q3

CMA CGM Group has announced its financial results for the third quarter of 2014. It reported revenue of $4.37bn, which represented a year-on-year rise of 6.4%. The company also recorded EBIT of $248m, a decline of 8.6% compared to the third quarter of 2013. Accordingly the company’s margin stood at 5.68%.

Meanwhile volumes carried increased by 8.3% year-on-year to 3.2m TEUs. This increase meant that carried volumes reached their highest level over the group’s history because of operations in high-growth areas and strengthened services on the main markets.

Volume growth was the result of improvements across different trade lanes, principally Asia-Europe. Intra-Asia and Oceania also made positive contributions along with a volume increase from operations in Africa. In addition CMA CGM invested heavily in 7,000 new reefer containers, bringing in a higher volume of temperature controlled cargo. These increases led to rising revenues.

To improve profitability CMA CGM has continued its operational cost control policy. Consequently operating costs per TEU have declined by 0.4% and bunker consumption per TEU has fallen by 3.4% versus the third quarter of 2013. These decreases mainly result from higher vessel filling factors and continued energy efficiency efforts. However this could not offset falling freight rates to which the decline in EBIT is attributable.

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